By Oluwakemi Kindness
The National Pension Commission (PenCom) says the proposed Pension Industry Infrastructure Fund has reached an advanced stage of implementation as it moves to expand healthcare access for retirees and strengthen enforcement of pension compliance.
Director-General of PenCom, Omolola Oloworaran, disclosed this on Tuesday in Abuja after the third Pension Industry Leadership Meeting, where industry leaders reviewed key initiatives aimed at improving the pension system and delivering better value for contributors.
Oloworaran said Pension Fund Administrators (PFAs) are expected to conclude consultations with their boards and other stakeholders within the next one to two months.
“We already have a framework that has been deliberated upon. The PFAs will return to their boards and other necessary stakeholders, and within the next one or two months, we should be able to take a position on the way forward,” she said.
She added that the commission is also developing new investment frameworks to improve retirement outcomes and ensure contributors earn better value from their pension savings.
“We continue to explore initiatives, both locally and globally, that can help us achieve our goal of putting more money in the hands of ordinary Nigerians,” Oloworaran said.
To improve retirees’ welfare, Oloworaran said PenCom has expanded eligibility for the PenCare pilot programme by raising the monthly pension threshold from ₦70,000 to ₦150,000.
She explained that the adjustment would attract more participants and provide sufficient data before the programme is rolled out on a larger scale.
“We need a critical mass to run the pilot successfully. That is why we have increased the pension income level to ₦150,000 so more retirees can come on board,” she said.
She said PenCom plans to introduce three healthcare options under the PenCare initiative. The first will provide free healthcare for low-income retirees. The second will offer subsidised care through a co-payment arrangement for middle-income pensioners, while the third will allow higher-income retirees to subscribe to healthcare plans at competitive rates.
“We want three categories of plans—one for low-income retirees where healthcare will be free, another with a co-pay option for those who need support, and a third for higher-income earners who can pay for enhanced healthcare services,” she said.
Oloworaran also reaffirmed PenCom’s commitment to enforcing compliance with the Contributory Pension Scheme, warning that employers who fail to remit pension contributions will face stricter enforcement.
She said the commission is already working with the Independent Corrupt Practices and Other Related Offences Commission (ICPC), while a partnership with the Economic and Financial Crimes Commission (EFCC) will begin soon.
“Compliance and enforcement remain a top priority. Some employers have already been invited by the ICPC, and we will soon begin working with the EFCC to ensure all employers remit pension contributions for their workers,” she said.
She added that PenCom is deepening engagement with capital market operators to channel more long-term pension assets into productive investments that will support infrastructure development and economic growth while safeguarding contributors’ funds.
